Final answer:
A corporation is a business owned by shareholders that have limited liability and share in profits and losses. They may sell stock or issue bonds to raise funds for operations or new investments.
Step-by-step explanation:
A corporation is a business that is owned by shareholders who have limited liability for the company's debt but share in its profits (and losses). Corporations may be private or public, and may or may not have publicly traded stock. They raise funds for their operations or new investments by selling stock or issuing bonds. When someone buys the stock, they become a shareholder and own a portion of the firm. The stock represents ownership in the company.